Record Labor Day Gas Prices Projected: What NJ Motorists Should Know

NJ drivers heading out this Labor Day weekend are looking at some of the steepest pump prices on record, with AAA putting the state average at $4.21 a gallon and GasBuddy projecting a national holiday average of $4.03, the highest ever recorded for the holiday. The culprits are geopolitical: the war in Iran, a blockade of the Strait of Hormuz, and Ukrainian drone strikes on Russian refineries have all crimped global oil supplies and sent refining margins through the roof. Some relief may come after Sept. 15 when winter-blend gasoline kicks in, though how much depends on whether tensions in the Middle East ease up.